The key feature of the coin is that one BUSD is intended to be equivalent to $1.īUSD was founded by the blockchain infrastructure platform Paxos and cryptocurrency exchange Binance in 2019. The value of the US dollar acts as a benchmark for the BUSD. What is binance USD?īinance USD is a stablecoin that is pegged to the US dollar (USD), a fiat currency. The data may be called into question after Mazars conducting a proof-of-reserves assessment of Binance earlier this month, which potentially finds its bitcoin reserves overcollateralized. The other two major stablecoins are tether ( USDT) and USD coin ( USDC). At the time of writing, on 16 December 2022, the token's market capitalisation stands at almost $19bn, and it is the third-largest stablecoin, according to CoinMarketCap. However, BUSD’s market cap has been increasing rapidly since January 2021, when it stood at just under $1bn. The price of the BUSB stablecoin saw increased volatility in the second and third quarters of 2022. The increased volatility could be partly attributed to instability and illiquidity in the current bear market, with BUSD trading between $0.9989 and $1.00 in a recent 24-hour window, according to data sourced from CoinGecko. So what does this mean for the future of BUSD? Binance USD (BUSD) Live Price Chart In November Binance, announced “BUSD Auto-Conversion”. As a result, the platform is able to convert user balances and new deposits of USD coin (USDC), pax dollar (USDP) and true USD (TUSD) into its own stablecoin, binance USD (BUSD). The exchange says that this will help improve liquidity and capital efficiency, as well as providing benefits to users.īoth Binance and WazirX have announced plans to prioritise BUSD over other stablecoins.
Mazars said it had paused all proof-of-reserves work with cryptocurrency clients, including Binance, because of concerns about “the way these reports are understood by the public.” A spokesperson for the company said Binance had managed the withdrawals “without breaking stride”. The auditor of the cryptocurrency exchange Binance, Mazars has withdrawn from “proof of reserves” work with crypto companies in the wake of the collapse of the FTX exchange.īinance, the world’s largest crypto exchange, saw $6bn of withdrawals in the three days from 12 to 14 December. Binance USD or BUSD is a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS) and issued in partnership with Paxos.BUSD wobbled after the Terra Luna fall-out, but has remained stable since – Photo: Shutterstock
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USDC products affected include saving accounts, DeFi staking subscriptions and crypto loans, which will be closed and liquidated on September 23.īinance is seeing a surge in clients due to rising inflation and a historically strong dollar that has depressed emerging market currencies, an executive told Reuters last month.īNB Chain is a community-driven blockchain software system. Binance's stablecoin, BUSD, is valued at about $19.4 billion, according to crypto data provider CoinGecko. USDC, which is principally operated by Circle Internet Financial and is the second largest stablecoin, has a nearly $51.9 billion market capitalization. With effect from Septemthe exchange said that users will trade with a consolidated BUSD balance on the Binance Platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP and TUSD) post conversion, adding that this will not affect users' choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance.
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